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FTC orders Wealth Educators to halt mortgage relief services

The FTC charges all three companies with failing to disclose information required by the Mortgage Assistance Relief Services rule, which obligates mortgage relief companies to tell borrowers the companies are not associated with the government; that lenders may not agree to modify a loan; and that if consumers stop paying their mortgage they.

Citing hundreds of millions of dollars in losses to scams, in 2010 the FTC issued the Mortgage Assistance Relief Services, or MARS, Rule to stop the practice. The rule barred companies from taking advance fees for foreclosure relief, which the government viewed as the primary trap for homeowners.

A federal court in Central California has ruled two Orange County businessmen duped mortgage relief clients out of more than million. jeremy foti and Charles Marshall, acting through.

As working class Californians brace themselves for deep cuts in education and social services. the subprime mortgage bubble, which would ultimately bring the global economy grinding to a halt with.

FTC Temporarily Halts Deceptive Practices Of Mortgage Relief Operation. Wealth Educators allegedly charged consumers an up-front fee ranging from $1,000 to $5,000, promising the money would be fully refunded if the company didn’t provide the promised relief.

This Advance Notice of Proposed Rulemaking (ANPR), the Mortgage Assistance Relief Services Rulemaking, addresses the practices of entities (other than mortgage servicers) who offer assistance to consumers in dealing with owners or servicers of their loans to modify them or avoid foreclosure.

The Federal Trade commission ordered wealth educators and its president to stop offering mortgage relief services since it was accused of failing to provide the help they promised homeowners. Read.

FHFA: Principal reduction would cost Fannie, Freddie $100 billion The FHFA has the express mandate to minimize losses to the taxpayers. In an earlier analysis, the regulator said it would cost Fannie Mae and Freddie Mac – in other words taxpayers- 0 billion to reduce mortgage balances.

The Federal Trade Commission (FTC) has released a list of mortgage relief and debt assistance companies and people who have been banned, by federal court orders, from participating in some or all types of the business of debt relief. The FTC has sued over 500 companies and individuals who broke the law.

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In 2010, the FTC published its Mortgage Assistance Relief Services Rule (or MARS Rule) to protect homeowners from mortgage relief scams. Under this rule, a company promising loan assistance cannot collect any fees from you until after it has gotten you the results it promised.

Phoenix housing market hit by unprecedented plunge in demand But if, say, sellers suddenly hit the market en masse and investor demand abruptly dries up, home prices could plunge. Actually. Areas that were hardest hit during the housing collapse saw the.